CFP Board Launches Scholarship for Female Financial Planning Students

Financial Planners


The CFP Board New Scholarships for Female Studentsis an initiative aimed at ameliorating the underrepresentation of women in the financial planning industry.

Data from the board that oversees planner qualifications shows that: Of nearly 95,000 certified individuals, only 23.6% are womeneven though more than half of the American population is female.

The donated scholarship program awards up to $5,000 per eligible student attempting to complete an undergraduate or certificate-level CFP Board Enrollment Program. After graduation, the student will be eligible to take her CFP exam, the first big step in her career as a planner.

“Having more women in the financial planning profession is good for women, good for the profession, good for business,” said Nancy Kistner, founder of the Women’s Initiative Council, in a statement. .

The initiative was born out of growing interest from women in the financial planning industry. Female advisors accounted for nearly 30% of all new Her CFP professionals in 2022. The year was her highest ever at 1,519 new women and the most diverse class in the organization’s history.

Liv Gagnon, co-founder of Choir, a platform focused on promoting more diverse representation at industry conferences, says diversity-focused scholarships will help more women participate in finance. Said it was a good way to encourage them to pursue a career.But it’s also important to deal with how to maintain it women in the industry.

“Many of them leave the field after just a few years because of the organizationally hostile and unfair work environment they experience after joining,” Gagnon said. “The ‘Equity and Inclusion’ part of the DEI (Diversity, Equity and Inclusion) is important if we want to increase these numbers in a sustainable way. It requires a top-down approach. ”

according to A study by OneAmerica, an insurance and financial services provider in Indianapolis, Indiana, found that women are attracted to and willing to stay in the financial advisor profession because of the opportunity to help people. The survey found that 56% of her early career respondents said her primary motivation for becoming an advisor was to “help people financially.” The survey also showed that female advisors want companies that fit their community, connections and culture.

Kevin R. Keller, Chief Executive Officer of the CFP Board of Directors, said that more female advisors means more women as clients and can help women manage their finances and achieve financial independence. rice field.

“It helps educate women about financial literacy, investment strategies, and retirement planning, which is especially valuable in a society where women often face financial challenges and inequalities,” he said in a statement. said in

Women now dominate a third — over $10 trillionn — of total U.S. household financial assets, according to In a 2020 report by McKinsey. By 2030, an American woman is expected to control most of her $30 trillion financial assets owned by baby boomers. This is close to the annual GDP of the United States. The study also reports that potential wealth transfers could mean new opportunities for firms. 70% of women change her financial advisor within a year of her partner’s death.

Sandy McCarthy, president of OneAmerica’s retirement services division, said in a statement that the industry needs to come together.

“We can work together as an industry,” he said, “not just letting women in the door, but supporting, retaining and developing them throughout their careers.”



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